Original source: DL News
Translated by: Daisy, Mars Finance
JPMorgan analyzes the performance of top cryptocurrencies in April
Bitcoin's performance has outshone gold over the past year
The outlook for Bitcoin continues to improve, contrasting sharply with its previous downturn when it hovered around $80,000 months ago. JPMorgan's research found that Bitcoin prices strengthened throughout April, with even more rapid gains in May.
In the previous few weeks, the market had suffered a heavy blow—U.S. President Trump announced comprehensive tariff increases, triggering panic over a global trade war, leading to widespread pressure on international markets.
In a report on May 14, JPMorgan noted that while Trump promoted pro-crypto policies, he failed to drive crypto prices up or achieve regulatory reform during his first hundred days in office.
However, as Trump made concessions on trade issues and more signs of global cryptocurrency adoption emerged at the corporate and national levels, market pessimism has gradually dissipated.
"The bullish foundation for Bitcoin has never been so solid," said David Marcus, a former PayPal executive and prominent Bitcoin supporter, in a tweet on May 10, "Buckle up."
This top cryptocurrency has risen 10% since May, currently priced at $103,500.
JPMorgan outlines its recovery trajectory through six charts.
Revaluation of Bitcoin
The sharp declines at the beginning of the year have now reversed, with inflows into exchange-traded products, including Bitcoin ETFs issued by BlackRock and Fidelity, turning positive, achieving the best monthly performance since January.
Total Crypto Market Capitalization Jumps to $2.9tr (+10% MoM) at End of April, but Volumes Remain Muted this Month. Source: JPMorgan.
JPMorgan pointed out that BlackRock's IBIT was undoubtedly the biggest winner in April, capturing 84% of total inflows into Bitcoin ETFs, with a total fundraising amount of $3 billion in April.
US Spot Bitcoin ETP Sales of $2,978mn Post Best Month in April Since January 2025. Source: JPMorgan
According to Dune Analytics data, the Bitcoin ETF market is currently dominated by BlackRock's IBIT, which has a market share as high as 52%.
According to DefiLlama statistics, Bitcoin ETFs have absorbed a total of $96 billion since their launch in 2024, while the assets under management for Ethereum ETFs are only $5 billion.
Bitcoin Recovers Lost Ground
April's market was dominated by the turbulence of Trump's tariffs, resulting in severe market fluctuations until the recent pause in tax increases and reaching an agreement pushed prices to recover.
The Nasdaq index, a tech stock stronghold historically correlated with Bitcoin, was down about 15% for most of April compared to Trump's inauguration day in January.
With Bitcoin now strongly breaking through the $100,000 mark, the Nasdaq has also recovered simultaneously. JPMorgan noted that most of Bitcoin's gains this month were concentrated in the last week.
Bitcoin Mkt Cap Regains Ground and Ends April at $1.87tr, Up +14% MoM. Source: JPMorgan. The Battle with Gold
BlackRock CEO Larry Fink has touted Bitcoin's potential as a safe-haven asset similar to gold.
However, JPMorgan's research found that this potential has yet to materialize.
At the same time, Bitcoin's volatility continued to decrease. According to CoinGlass data, JPMorgan pointed out that the 30-day volatility of Bitcoin and gold has shown a synchronized downward trend.
30-Day Volatility Falls Similar Percentages for both Bitcoin and Gold Throughout April. Source: JPMorgan.
In standardized comparisons (setting the initial value of two or more assets in a specific period to be equal for performance comparison, as shown in the chart below), Bitcoin rose a cumulative 15% by the end of March, while gold rose by 5%.
Indexed Performance of Bitcoin vs. Gold Over Past Year, Through April 2025. Source: JPMorgan. Cryptocurrency stocks soar
The total market capitalization of listed crypto companies has shrunk by 34% from its historical high of nearly $120 billion following the November 2024 election to $76 billion at the end of April.
April brought a ray of hope, achieving a 19% month-on-month growth in total market capitalization.
JPMorgan pointed out that Galaxy Digital announced plans to go public in the U.S. in April, becoming the biggest winner in market cap growth for the month, with an increase of 45%.
This week, news emerged that Coinbase will be included in the S&P 500 index starting May 19. The news drove its stock price up by 16%, and according to JPMorgan data, the company's total market capitalization increased by 18% quarter-on-quarter.
Market Cap of Public Crypto Companies Improves to ~$76bn at End of April (+19% MoM) but Still -34% Off from 4Q24 Peak. Source: JPMorgan.
(The above content is an excerpt and reprint authorized by partner Marsbit, original link)
"Bitcoin's Return: 6 Charts Analyzing the 'Capital Cold War' Behind $100,000" was originally published in (BlockKe).
